Hair Care Market: Snapshot
The global hair care market is expanding at a steady pace and is likely to continue doing so during the course of the forecast period. One of the most important factors responsible for this stability is the demand for healthy, lustrous, and manageable hair and this need drives the purchase decisions of most consumers.
The market for hair care products expected to grow significantly across developing and developed regions owing to increasing R&D activities for the enhancement of these products. Moreover, an emphasis on innovation in technology for the formulation of new hair care products is expected to impact the market globally.
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The global hair care market was valued at US$81.3 bn in 2015 and is expected to reach US$105.3 bn by 2024, registering a steady 3.0% CAGR during the forecast period.
Availability of Variety of Hair Styling Products and Devices a Key Factor
In terms of revenue, the shampoo segment accounts for the dominant share in the hair care market, and registered a 30.9% share in 2015. The shampoo market is gaining popularity thanks to product innovation based on evolving customer needs. The major players offering a wide variety of shampoos in the market include Procter & Gamble Co., L’Oréal S.A., and Unilever plc.
Hair styling products form a highly attractive segment in the hair care market and is projected to expand at a 4.4% CAGR. Hair styling products include mousse, holding sprays, heat-resistant sprays, sprays for curly hair, serums, and gels. The growing demand for hair styling products due to the changing purchasing behavior and patterns of consumers is likely to boost this product segment. A key trend noted in this segment is the fact that local manufacturers in Africa and APAC have been focusing on new product development and innovation catering to consumer preferences so as to establish a loyal customer base over the years.
Hair colors are gradually witnessing increased demand across the globe. This can be attributed to the ever-rising influence of the fashion industry and a rise in the global aging population. A recent trend noted in this segment is an increase in male consumers. Men’s grooming products have gained much popularity in recent years and this global trend is reflected in the hair color market as well.
MEA offers Immense Scope for Growth with Improving Disposable Incomes of Consumers
Asia Pacific accounted for the leading share of 33.12% in the global hair care market in 2016. The region, which comprises China, Japan, India, and Rest of Asia Pacific, is fueled by the increasing number of people facing hair and scalp problems such as hair fall and damage. In addition, rising self-consciousness among youth about their appearances is supporting the market. The growing variation of hair colors, styling products, oils, conditioners, and shampoos available in the market today is also attracting an increasing number of consumers in the region.
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The Middle East and Africa (MEA) market is expected to expand at a strong CAGR of 4.0% during the forecast period. The region, which includes UAE, South Africa, and the Rest of MEA, is expected to be supported by the growing opportunities for hair care products in rural areas thanks to the improving disposable income and changing lifestyles of the consumers. In addition, local and international key players have been investing significant capital in emerging markets since the crisis of 2009 led to a decrease in the prices of hair care products. This, in turn, is anticipated to boost the market for hair care in the region.
The global market for hair care is extremely consolidated owing to the presence of several manufacturers, both domestic and international. The competition among manufacturers is intense and thus, the entry of new players is restricted. Some of the leading players competing in the global hair care market are Henkel Corporation, Procter Gamble Co., L’Oreal S.A., Unilever plc, Revlon Inc., Avon Products Inc., Aveda Corporation, Neutrogena Corporation, Amka Products (Pty) Ltd., and Combe Incorporated.